Loyalty Addition definition

Loyalty Addition means the addition of amount at periodical intervals in the Regular Premium Fund Value, as detailed in Section 5c) below.
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Loyalty Addition means the amount that is calculated and payable in accordance with Section 2 of Part C.
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Examples of Loyalty Addition in a sentence

  • If the Insured Persons in the expiring Policy are covered on a Family Floater Policy and such Insured Persons Renew their expiring Policy with Us by splitting the Floater Sum Insured stated in the Schedule of Insurance Certificate in to two or more floater / individual / Family First Policy, then We shall not provide any credit of the accumulated Loyalty Addition to the split Policy.

  • In case the Base Sum Insured under the Policy is reduced at the time of Renewal, the applicable accumulated Loyalty Addition shall also be reduced in proportion to the Base Sum Insured.

  • In case the Base Sum Insured under the Policy is increased at the time of Renewal, the applicable accumulated Loyalty Addition shall be carried forward.

  • If the Insured Person in the expiring Policy is covered under an Individual Policy and has an accumulated Loyalty Addition in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family Floater Policy, then We shall not provide any credit for the accumulated Loyalty Addition to the Family Floater Policy.

  • If the Insured Persons in the expiring Policy are covered under a Family First Policy and have an accumulated Loyalty Addition for each Insured Person in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on an Individual Policy with same or higher Base Sum Insured, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the accumulated Loyalty Addition for that Insured Person.

  • If the Insured Person in the expiring Policy is covered under an Individual Policy and has an accumulated Loyalty Addition in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family First Policy, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the accumulated Loyalty Addition for that Insured Person only.

  • If the Insured Persons in the expiring Policy are covered under a Family First Policy and have an accumulated Loyalty Addition for each Insured Person in the expiring Policy under this benefit, and such expiring Policy is Renewed with Us on a Family Floater Policy with same or higher Base Sum Insured, then the accumulated Loyalty Addition to be carried forward for credit in the Renewing Policy would be the least of the accumulated Loyalty Addition amongst all the Insured Persons.